Question
Mention the significant changes have taken place in the direction of international trade in the past few years.
Solution
The following significant changes have taken place in the direction of international trade in the past few years :
(i) In the 18th century, the present-day developing countries were the main exporter of manufactured and sophisticated goods.
(ii) In the 19th century, the trade direction changed and European countries started exporting the manufactured goods.
(iii) In the first half of the 20th century, the trade in manufactured goods took place mainly between USA and Western Europe.
(iv) Today, it is the trade in technology that forms the main base of international trade.
